As a contractor or freelancer, just hearing the word tax can fill you with panic – but there’s really nothing to worry about! We’ve outlined some basic tips for new contractors and freelancers below. They should help you prepare and manage your taxes easily and efficiently.

1. Set up a business bank account

Having a separate business bank account may seem like something that doesn’t really apply to you as a contractor or freelancer – why can’t you just use your current account? Having a business bank account means you can work out what money is coming in for your business and what money you’re spending.

Who has time to trawl through their personal bank account sifting through your supermarket purchases to try and find all business-related transactions? It makes working out your income and expenditure sheets so much easier.

Don’t panic if you don’t have all of the skills below yet. These are just a few of the many qualities that help to secure work and deliver the project on time, as well as helping to deliver the best possible results for your clients.

Become a great communicator

You need to be a great communicator when you’re a contractor. Now that you’re wholly and solely responsible for your income you need to step up your confidence level when it comes to communication. If you don’t communicate regularly with your clients they can feel as though they’ve slipped through the net.

Keeping your clients engaged and informed as often as possible means less mistakes get made whilst also ensuring that you’re setting realistic expectations for throughout the project.

We’ve already taken a broader look at what might lie ahead for contractors after Thursday’s General Election. But what about the vote itself? With the polls opening nationwide tomorrow join us as we breakdown the manifestos of each major party (Church of the Militant Elvis Party, this doesn’t include you.)

Before we begin it’s worth noting that the self-employed are likely to have more clout in certain areas of the UK. IPSE recently put together their election breakdown, using constituency data and ONS population statistics to work out where the voice of contractors and freelancers will matter the most.

In light of recent events in London and Manchester talking about politics seems rather redundant. But as we have heard time and again over the last few days and weeks, we must persevere. The UK moves forward scarred and damaged but defiant. At the time of writing this it appears that Thursday’s General Election is very much on.

As Simon McVicker, IPSE’s Director of Policy, pointed out back in April, no one outside of Mrs. May’s immediate cabinet saw an election on the horizon. Back then a Conservative walkover appeared to be a formality but, 6 weeks later, it seems far from a foregone conclusion.

Time management is a skill you’ll continue to develop as your contracting career progresses. As soon as you think you’ve got those skills down to a fine art, you might win a contract that tests them to the maximum.

How you effectively manage your time can be the difference between success and failure as a contractor as it heavily relies on self-discipline.

So how can you successfully manage both your career and your time? Here are three key tips to help you become a time management superstar.

When it comes to securing your new contracting job, a well put together CV is crucial. Contracting is a competitive industry, with many choosing to take the plunge and become their own boss. How can you make sure you stand out?

At Kingsbridge, we’ve come up with a short guide to writing a killer CV. Hopefully, our pointers will help you to secure your next job!

When you start working for yourself you can start to feel overwhelmed when it comes to managing your productivity throughout the day. It feels like you’ve got so much to do you don’t know where to even begin. That’s why we’ve come up with 11 productivity hacks every contractor and freelancer should know.

Are you thinking about a job change? It might be slightly better pay, but will you feel truly satisfied? If the answer is a straightforward ‘no’, then why not think about becoming a freelancer? With instant access to hundreds of thousands of jobs online, the world really is your oyster!

Amidst the clamour surrounding last year’s divisive (and final) Autumn Statement, you might have missed the news that the standard rate of Insurance Premium Tax (often abbreviated to IPT) was increased from 10% to 12%, effective from 1st June 2017.

As is often the case, time seems to have moved rather quickly since then. With the increase less than a month away it’s worth considering completing any insurance purchase you may have been putting off. Of course, if you already have insurance in place then you have nothing to worry about (although you might want to warn a friend or two!)

Becoming a first-time contractor is exciting. A new venture, a chance to make your own money, and to set your own working rules. So if you’re just starting out on your own the following four mistakes are ones you can take steps to avoid.